Banking apps are now essential financial survival tools

Perhaps the most striking statistic is from a survey by Nucoro. It found that 12% of the adult population in the UK — some six million people — downloaded their bank’s app for the first time between 14th March and 14th April, during the Coronavirus lockdown.

Welcome to better financial health!

Taking control of finances, one install at a time

We also see a significant increase in the use of our PFM app, which we run in Iceland. This sophisticated financial coach aggregates banking data from the three major Icelandic banks and is a showcase for the functionality of the Meniga banking platform and APIs. For the past week, the number of daily active users has increased by 13% We expect this number to rise rapidly since the number of daily installs of the app has multiplied by a factor of five or six in the past few days.

We also now hear from many lapsed users who want to reactivate their Meniga accounts.

Did I just spend all that on fast food?

Ready-made tool for personal financial management during crisis

Meniga was founded in the financial crisis which shook the world a decade ago. The Meniga platform and digital banking APIs had their origin in 2009 when our three founders started the company to improve people’s financial lives. This mission has been unchanged since our humble beginnings when the first version of the Meniga PFM solution was available through one Icelandic bank. Our mission has never been as important when we touch the lives of about 90 million people through dozens of our banking partners around the world in these uncertain times.

The Meniga digital banking APIs power global banking innovation around the world

I am going to slim my overdraft, and my waistline, while I save money on fast food. I will even have fun doing it!

The tried and tested Meniga digital banking platform enables banks to build engaging and personalised financial management apps. The collection of APIs significantly reduces development time so banks can quickly deliver the tools people need for financial self-help.

What does this mean for banks?

For banks, the message is clear. Your banking apps and financial coaches may once have been considered “nice to have” additions to other distribution and service channels. Times have changed. Digital banking now encompasses the crucial financial survival tools for your customers need in uncertain times. Is your bank able to deliver all financial advice and the services people need so they can emerge from this crisis financially strong? Or will they find this with competitors who have already invested in essential digital banking services?

Whether your bank wants to extend its lead or quickly overtake digital leaders, we at Meniga have the tried and tested tools for your bank to succeed.